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GREAT AMERICAN COMMUNICATIONS COMPANY REPORTS YEAR-END RESULTS

 GREAT AMERICAN COMMUNICATIONS COMPANY
 REPORTS YEAR-END RESULTS
 CINCINNATI, March 27 /PRNewswire/ -- Great American Communications Company (NASDAQ: GACC) reported financial results for 1991 and indicated that it is currently considering various restructuring alternatives.
 For the year 1991, revenues of $212 million were 5.4 percent below the $224 million reported in 1990. Cash flow from operations at $61.5 million was 19 percent below the $76.2 million of a year ago. Operating income (after depreciation and amortization) declined 43 percent to $18.4 million in 1991, from $32.3 million in 1990. After interest and other operating income and expenses, the loss from continuing operations was $66.6 million ($1.40 per share), compared to $56.9 million ($1.62 per share) in 1990.
 Several large one-time gains served to offset these losses and GACC reported net earnings of $92 million for 1991. Gains on the sales of GACC's assets, including its investment in the Black Entertainment Television network and Hanna-Barbera, amounted to nearly $75 million while the company realized an additional $114 million of gain from debt retirements during the year. In 1990, GACC's net loss was $39 million, including the effects of approximately $62 million of gains from special transactions.
 For the fourth quarter, cash flow and operating income were below levels of 1990. Cash flow from operations was $16.6 million in 1991, compared to $21.1 million last year. Operating income was $6.2 million, down from $10.6 million in 1990.
 GACC and its subsidiaries have obligations to make substantial principal payments on bank borrowings and 13 percent senior subordinated notes over the next few years. Scheduled payments under these two obligations aggregate nearly $270 million in 1992, 1993 and 1994.
 GACC is currently considering various restructuring alternatives including a restructuring of its debts. A debt restructuring plan would likely include a reduction in total indebtedness along with a reduction of financing costs and the extension of maturities. GACC recently engaged the investment banking firm of Donaldson, Lufkin and Jenrette to assist it in its restructuring efforts.
 GACC and its subsidiaries own and operate six network-affiliated television stations, and 10 FM and five AM radio stations throughout the country. GACC's common stock trades over-the-counter under the symbol GACC.
 GREAT AMERICAN COMMUNICATIONS COMPANY
 CONSOLIDATED STATEMENT OF OPERATIONS
 (In thousands, except per share amounts)
 Three Months Ended
 December 31,
 1991 1990
 Net revenues:
 Broadcast Group $ 55,110 $ 54,596
 Other 3,667 3,442
 Total 54,777 58,038
 Costs and expenses:
 Operating expenses 20,127 20,107
 Selling, general and administrative 18,090 16,807
 Total 38,217 36,914
 Operating income before depreciation
 and amortization 16,560 21,124
 Depreciation and amortization 10,339 10,505
 Operating Income 6,221 10,619
 Other income (expense):
 Interest expense (20,000) (26,950)
 Minority interest (7,250) (7,094)
 Equity in net earnings of
 affiliates 0 0
 Investment income 123 57
 Miscellaneous, net (A) 34,513 (1,865)
 Total 7,386 (35,852)
 Earnings (loss) from continuing
 operations 13,607 (25,233)
 Discontinued operations (B) 76,456 (7,607)
 Earnings (loss) before
 extraordinary items 90,063 (32,840)
 Extraordinary items (C) 8,835 0
 NET EARNINGS (LOSS) $98,898 ($32,840)
 PER SHARE DATA
 (Primary and Fully Diluted):
 Earnings (loss) from
 continuing operations $.24 ($.72)
 Earnings (loss) before
 extraordinary items $1.59 ($.93)
 Net earnings (loss) $1.74 ($.93)
 Average common shares 56,702 35,164
 Year ended
 December 31,
 1991 1990
 Net revenues:
 Broadcast Group $195,868 $204,578
 Other 15,670 19,002
 Total 211,538 223,580
 Costs and expenses:
 Operating expenses 81,558 80,794
 Selling, general and administrative 68,493 66,605
 Total 150,051 147,399
 Operating income before depreciation
 and amortization 61,487 76,181
 Depreciation and amortization 43,075 43,898
 Operating Income 18,412 32,283
 Other income (expense):
 Interest expense (88,071) (111,637)
 Minority interest (28,822) (29,872)
 Equity in net earnings of
 affiliates 0 11,680
 Investment income 1,296 570
 Miscellaneous, net (A) 30,548 40,026
 Total (85,049) (89,233)
 Earnings (loss) from continuing
 operations (66,637) (56,950)
 Discontinued operations (B) 44,367 (20,800)
 Earnings (loss) before
 extraordinary items (22,270) (77,750)
 Extraordinary items (C) 114,256 38,794
 NET EARNINGS (LOSS) $91,986 ($38,956)
 PER SHARE DATA
 (Primary and Fully Diluted):
 Earnings (loss) from
 continuing operations ($1.40) ($1.62)
 Earnings (loss) before
 extraordinary items ($.47) ($2.21)
 Net earnings (loss) $1.93 ($1.10)
 Average common shares 47,689 35,163
 Note (A) -- Includes gains of approximately $37 million and $45 million on the sales of GACC's investments in Black Entertainment Television in the fourth quarter of 1991 and Chiquita Brands International during 1990, respectively.
 Note (B) -- GACC sold its entertainment business in December 1991. Discontinued operations represents the results of the Entertainment Group including equity in the net earnings of Spelling Entertainment, Inc. in 1990 and a $17.2 million loss on the sale of GACC's investment in Spelling during 1991, coupled with interest expense associated with the Entertainment Group and Spelling.
 Note (C) -- Represents net gains from the refinancing of long-term debt.
 -0- 3/27/92
 /CONTACT: Sandra Heimann of Great American Communications Company, 513-579-2177/
 (GACC) CO: Great American Communications Company ST: Ohio IN: ENT SU: ERN


KK -- CL006 -- 2320 03/27/92 11:32 EST
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